As your mortgage term approaches its end, you find yourself at a pivotal juncture in your homeownership journey – the mortgage renewal or term maturity. This moment marks when you become a free agent, ready to explore what aligns best with your family’s needs and objectives, not merely catering to the lender.
The mortgage renewal or term maturity signifies a crucial opportunity to comprehensively assess your financial landscape. For most homeowners, the mortgage represents the largest expense, making this decision significant and deserving of careful consideration.
@Mortgages.ca, we take pride in our commitment to annually monitor all our clients’ mortgages, especially at the point of renewal. Our goal is to stay in close contact and explore all the available options in the market to determine what suits your next mortgage most effectively.
It is advisable to embark on this process roughly four to six months before the maturity date. This timeline provides ample room for discussions, updates, and the review of future strategies.
Consider your financial needs and goals:
- Are there impending renovation plans?
- Consolidating high-interest debts?
- Are your kids heading off to university?
- Are you contemplating the purchase of a second home or investment property?
- Do you seek to lower your monthly costs and boost cash flow?
If you’re carrying unsecured or secured debts, this juncture is ideal for refinancing to consolidate them into a single, low-cost option. This move not only facilitates debt repayment but also can translate into significant interest savings and increased monthly cash flow.
Assessing your plan’s viability is paramount, particularly in a rising interest rate environment. It’s essential to refrain from hastily signing the mortgage renewal letter that arrives in your mailbox because it is easy. The banks want to make it as easy as possible – for a reason.
Instead, connect with a trusted mortgage professional who prioritizes your best interests above all else – not just those of the lender.
While your bank or lender may offer what seems like a good solution, it’s critical to have an expert in your corner. This expert will conduct a thorough analysis to determine if it genuinely serves your best interests. We provide honest and unbiased advice to all our clients and potential clients because that’s the right thing to do. Exploring options from 30 plus lenders is the prudent thing to do.
When you genuinely look out for others, the word spreads. We’ll even advise you to stay put if, after a free consultation, your current arrangement still stands as the best option.
Your financial well-being is our top priority, always.